FECUklTIES OFFERED AND WANTED
J Ji. Rice, Jr. & Co. Will Sell
1100 Ktrby LnmiVr com. & pfd.
tOO N\ V. State R>?. ?com. * pfd.
100 Amcr. Cyanamld coin. & ptd.
SO Mohawk Valley Co.
100 Kordons Co. coin.
SO Bank of Manhattan "Rights"
200 Kisemaiin Magneto pfd.
100 Mnhoning Coitl R. R. com.
UMi.Joli.H ? Chicago R. R.
RO K. W. Bll?? com.
SMJ Nat. Fuel ?as
10 Dei., Lack. _ West. Coal
100 Pen?. Coal ft Coke
50 Lchigh Valley Coal Sales
100 I-ord ft Taylor com. ft Sd pfd.
?O Semet-Solvay
lOONat. Oil of N. ,T. pfd.
??.*> Itoyal Type con?.
Sfi Nlles-Bement-Fond
100 Singer Manufacturing
100 Air Reduction
10 Aluminum Co. of America
100 Amrr. Chicle com. ft pfd.
"}.% Atlas Portland Cement com.
25 Hnml>le Oil ft Retining
23 Tidewater OH
100 Texas Pao. Coal ft Oil
7."> Winchester Co. com.
ICO Atlantic Holding
25 Ingersoll-Rand com.
10 First National Bank
7."> Child? <"o. com. ft pfd.
KO Nat. Bank of Commerce
r<0 ?Mimis Falls Insurance
SOtireat Amcr. Insurance
25 (.lens Falls Insurance
10 State Bank
-.'5 Battery Park Nat. Rank
200 People's Trust "Rights"
J.K.Rice,Jr.&Co.
Phono* 4000 to 4010 John. 36 Wall St., N. T.
AIR RFDFOTION
AMERICAN CHICLE
ATLANTIC LOBOS PETROLEUM
CENTRAL Aftl'IRR- SUGAR
CHTLDS COMMON
FAJARDO SOGAR
OTANT?NAMO SUGAR
GULF OIL CORPORATION
LONE STAR GAS
MIDLAND SEC! RITIES
NEW ENGLAND FUEL OIL
PKNN. COAL ft COKE
PORT LOBOS PETROLEUM
SAVANNAH SUGAR
STERN BKOS. PREFERRED
TEXAS PACIFIC COAL ft OIL
?, Sfeitriii
43 Exchange Place New York
Telephones S300-16 Hanover
East Coast
Fisheries
Com., Pfd. and
Trustees Certificates
Kiely & Horten
40 Wall St., N. Y. Phone John 6330
Bank o? Manhattan
Rights
Mechanics&Metals Bk.
Rights
JJ?J$ce,Jr.&Co.
Phones 4000 to 4010 John. 36 Wall St., N. Y.
Ameri?can Thread Pfd.
Lima Locomotive Pfd.
At?as Portland Cement
FREDERIC H. HATCH & CO.
Established 1888.
Phone Rector 6840. "24 B'way, New York.
WIRK CONNECTIONS.
Boston, Chicago, Philadelphia and Montreal
Standard Oil Stocks
Morton Ladie-Lbmch. & Ca
?Hi J3??>c-.cl S?rcate ^>?cw"_?>__*_?>
CHM?CO Drrg.P-T PHILADELPHIA P1TTSBUROH
r ' ' - - ~' - ?? ?: ?
Power Earnings Decline
Montana Company Reports $6,
851,981 Gross in 1919
Gross earnings of the Montana Power
Company for the year ended December
81, 1?19, declined 10 per cent from the
preceding year. Early in the year, ac?
cording to the annual report issued
yesterday, the mining and smelting in?
dustries in Montana began curtailment
of production, which continued during
tho year owing to the large stocks of
metr.ls on hand in this country and
abroad at the close of tho war. Gen?
eral business in this state suffered
from tho curtailment as also from the
severe draught during the summer and
from the coal miner's strike in the lat?
ter part of the year and these condi?
tions, the report states, effected the
company's earnings.
Total earnings last year amounted
to $6,851,981, compared with $7,609,
S68 in 1918. Owing to higher costs of
materials and increases in wages oper?
ating costs increased, being placed at
$2,450,674. Interest charges aggregat?
ed $1,805,677, leaving a $2,595,630 sur?
plus. Reserve for depreciation to?
taled $300,000, a falling off of $100.000
1rom the year before. After $128,575
lor losses suffered through the sale of
government bonds had been deducted,
bahmce to surplus account was $2,
167,055.
In his report to stockholders John
D. Ryan, president, said: "Since the
close of 1919 business conditions have
Improved generally in Montana. Tho
copper and zinc mines and reduction
plants have increased operations, the
silver mining industry has revived', and
m substantial amount of new business
has resulted from it. If the genera!
business of the country suffers no se?
rious reverses during the coming year,
we can expect a considerable increase
in revenue over past years."
?- ?' ?
K. W. Bliss Earned $70.22
On Common Stock in 1919
The annual report of the E. W. Bliss
company, munition manufacturers, for
1919, issued yesterday, dislosed net
earnings of $1,855,524, which, after pre?
ferred dividend disbursements of $100.
000, was equivalent to $70.22 a share
earned on the common stock, compared
with $1,171,.153, or $46.85 a share in
3918. Holders of the common stock
shared $562,500 in dividends, leaving
$1,193,024 surplus. After adjustments
of $50,S23 had been deducted, profit and
loss surplus was $17,274,080.
Directors of the company stated that
as yet no formal discussion of common
dividends had taken place. Tho chair?
man declared that at the next meeting
ofMhe board, about six weeks, it was
possible that some consideration would
be given to the advisability of recom?
mending a stock dividend.
38
65
67
7
~2
a
47
.4
Public Utility Securities
Birt
Aiti?f Light ft Traetton com.. 190
ilo pf . *!?
Adirondack Elec Power com.. 11
do pf. 75
Amor Gas & Electric com.... 124
do pf .
Amor Power & Light com....
do nfd .
Amor Public Utilities com....
do pf.
American Waterworks Eloo...
Am W W ft K participating pf
Amorlcan W W ft E 1st pdf..
Carolina Power & Light, com..
Cltlos Service com_.--*.. S ?.4
do pf. 6914
do banker ?. certificates. 40
do 7 p o, aeries B, 1966. 155
do 7 p c, series C, 1966. 100
Colorado Power com. 14
do pfd . 90
Commonwealth Pr, RyftL com 17
do pfd . 37
?Denver tins ft Elec pen 5s. ... 87
I Electric Bond ft Share pfd ... 86
i Empire District Electric pfd. 65
1 Federal Light ft Traction com. 5
do pfd . 42
i Gas ft Electric Securities com 300
do pfd . 80
?Northern Ohio Electric com. ?
do pfd . ?
i Northern Ontario L ft P com 10
do pfd . 60
I Northern States Power com.. 50
do pfd . 85
Pacific Uas & Electric pfd_ 83
Republic Ry & Light Co com. 17
do pfd . 50
Southern Calif Edison com... 86
do !*il. 99
Standard Gas ft Electrlo com. 18
do pf . 37 H
! Tennessee Ry, L ft P com.,.. 1
do pf . 6
! United Light ft Rys com. 24
do 1st pfd . 6.1
! Western Power com. 17
do pfd. 67
Bonds
1 Appalach Power 1st 6s.. 66
Cincinnati Gas ft Elec 's, '66.. 80
Col Gas ft Elec 6s, "27.
Col Power, '53.
Dallas Elec 5s, '22.
; East Texas Elec 6s, '42.
do 7s, '21. 99
' El Paso Elec col 6s. 79
Great West Power 6s, '46.... 79
Midwest Util Cs, '25. 85
Miss River Power 1st 6s. 74
North Ont Light & Power 6s.. 64
North States Power 6s, '26.... 84
7:>
99%
76
Askefl
195
!)2
14
7!?
128
40
60
.2
25
4
7
62
3 7
396
?71
?41
103
18
95
20
40
93
?0
65
47
400
86
20
66
14
55
65
88
85
19
8S
103
20
3?
*
9
27
66
1?
70
68
87
St
80
82
100
83
81
90
76
69
88
?Ex dividend.
Sugar Stocks
Bid. Asked., Bid. Asked.
22 Mat-Am pf 70 76
80 Michigan.. 11U, 12%
88 National .162 166
143 Ni Niqueo.250
("20 ?S Cec new 13
117 I do pref. 75
j Card-Am.. 18
do pref. 70
1C Aguir re. 85
?Fajardo ..140
! Gt West.. 490
do pref. 113
? Guanta'mo. 75
I Mat-Am .. 10
15
iSavannah.. 45
do pref. 92
16
82
48
95
Chemical Stocks
Am Cyan.
do pref.
By-Prod ..
Cassin Co.
Dow Ch...
Du P C p.
Fed Chem.
do pref.
Graselli ..
do pref.
30
60
99
) 10
) ,105
99
i 175
) 100
Tobacco Stocks
Hook Elec. 65
do pref. 65
Ky Solvay. 80
Mec Co p. 92
Merrimac.. "S3 V?
Mulford Co 53
Nisg Alk p 95
Semct C. .155
Solv Poe.. 180
70
70
110
96
S7V?
56
100
165
Con Foil..
G W Hms.
do pref.
J S Young.
do pref.
MacA & F.
P R-A T.
250
160
98
130
95
155
132
325
170
102
138
100
165
140
RJ ReyA.525
do ser B.435
do pref.106
Weym-B ..162
do pref. 97
Univ Leaf.140
550
4.0
108
169
102
Steel and Ordnance Stocks
Am Brass.214
Atlas Pw.155
do pref. 85
Bab & W.118
Bliss. B W.4U0
Can F&F.195
Carb SU.. 90 '
do 1 pf.100
do 2d pf 70
Colts A... 54
D P Pow.300
?Ex dividend.
Miscellaneous Stock?
Am Chicle 73 78 |Nat Cash. 120
78
70
97
175
90
218
165
89
120
450
205
100
110
320
East Steel. 37
limp S & 1 25
do pref. 70
?Here P..200
*do pref. 100
Niles B-P.110
do pref. 98
Scov Mfg.435
?Thorn Iron 30
Win Cor..400
Woodward. 44
do pref. 75
Am Leath. 56
do pref. 93
Am Mfg. .165
do pref. 87Va
Am M&F.100
Am Th pf. 3%
Am Typ F 42
A D T NJ 25
A W c pf 911/2
Atlas P C 65
BB&S 1 p 80
do 2d pf. 65
Bor C Mk.109
Bush T pf 72
Celluloid .150
Childs Co. 86
do pref. 95
City Inve. 70
Crk W pf. 95
D L & W.165
Draper C.141
F R 1st pf 95
Int SU pf. 94
?Ex dividend.
4
46
35
98 H
70
90
111
77
155
91
100
75
99
175
145
99
Lima L pf 90
N J Zwst.293
N Co 1 pf.lUO
O'Neill pf. 98
Phelps D.230
Phil J Cor 50
do pref. 86
P & W pf. 95
R Reis & C 15
?do pref 81
Ry Bak P.130
do pref. 85
Singer Mg.153
S L IM&S 43
Stoll S pf.100
S D F pf.100
Stern B p. 104
T&PC&On. 94
Valvol pf.100
V Raalt In. 40
do pref. 80
W & B pf.100
Yale & T.265
3!)
35
2?5
105
113
101
440
35
48
IS?
95
298
103
99%
250
60
90
17
83
140
88
157
47
105
103
107
98
104
45
85
105
New York Bank Stocks
? America . . .590
Atlantic ...215
Am Exch...295
Battery _205
Bowery _420
Bryant P...150
Bway Cent. 150
Bronx Nat. 150
Butch & D. 35
Chase .435
Chat & P..295
Chelsea Ex.125
Chemical ...580
Citz Nat.. .255
City .885
Coal & I...245
Colonial .. .350
Commerce ..230
Columbia ..175
Corn Exch. .430
Co .mop'tan.110
Com'cial E..415
Com'wealth.221
Cuba .170
Fast River.. 160
Fifth Nat.. 160
Fifth Ave..900
First Nat...930
Foreign T B. 85
Trust and
Alliance ... 80
t Am Trust. ?
Am Surety. 73
Bankers . . .365
Bond & M.225
Bklyn T Co.500
Cent Union.405
Columbia . .340
Commercial 150
Empire Tr..300
Equitable . .305
Farm L&T.430
240
.250
. 230
.372
Franklin
Fulton .
Fidelity .
Guaranty
Hamilton . .255
Hudson T.. 155
Kings Co...040
Law Mtge. .115
610Garfield N..230 240
? Gotham _200 215
305 Greenwich .275 ?
215 Harriman ..360 380
? Hanover ...820 840
160 Industria! ..205 ?
160 Im & Trad.550 580
100 ?Irving Nat.3S5 395
? Liberty _400 415
? Lincoln _275 285
305 Manhat Co..250
? Mech & M..400 425
590 Metrop'tan .840 860
265 Mutual _490 ?
895 Merchants ..230 240
? New 7.eth..200 210
_ N Y N B A.460 480
235 Park .730 755
? Pacific _135 ?
450 Produce Ex. ? 875
? Public .345 ?
? Seaboard ...650 700
230 Second _440 500
180 State _210 ?
? 23d Ward.. 150 ?
170 Un States.. 180 ?
950 Union Ex... 175 185
960 Wchester A.200 ?
95Yorkville ..875 ?
Security Companies
90|Lawyors T..120 125
? Lincoln Tr. .175 ?
78|Manufac'ers.205 ?
375|Mercantilc .310 ?
230jMetropol .. .295 305
515|Mtge Bond.. 87 93
415|MutTof W,105 125
350'Nat Surety.205 212
160'.N Y Title. 135 145
? ?N York T..625
315|N Y LI&T.725 745
44?iPeoplea ....275
250|Realty Asso.105 115
260 Title G & T.3R0 390.
240'Un StatesN830 860
378 U S M & T.405 415
2651U S T Guar SO 85
? W'estcriest.er.130 140
665 |W & BT&M.165 17
125'
.See New York Title and Mortgage. ?
tlncludes American Trust Company stocks.
Insurance Companies
Am Alliance.270 300Great Am..290 300
??! Hanover ... 30
325 Home .550 560
78,Nat Liberty.170 180
6251Niagara ...230 260
?OjStuyvesant.. 50 75
City of NY.175
Con'nwlth..300
Continental. 72
Fid & Phoe. ?
Franklin .. 85
Globe & R.800
Standard Oil Stocks
Bid
Anglo-American Oil Co. Ltd.. 27
Atlantic. Refining Co.1550
do pf . 113
!3orne-Serymser Co. 425
Buckeye Pipe Line . 94
Chesebrough Mfg Co cons.... 230
do pt. 105
Continental Oil Company. 625
Crescent Pipe Line Co. 32
Cumberland Pipe Lino Co.... 145
Eureka Pipe Line Co. 138
Galena Signal oil Co, pf, new. 95
do pf, old...,. 9?
do common . 94
Illinois Pipe Line Co. 177
Indiana Pipe Une Co. 97
International Petrol Co. Ltd.. 39
National Transit Co...'.. 29
New York Transit Co. 183
Northern Pipe Lin? Co. 100
Ohio Oil Co.,. 380
Penn.-Mex. Fuel Co. 60
Prairie Oil ft Gas Co. 705
Prairie Pipe Uno Co..,.,,,.., ?65
Polar Refining Co. 405
Southern Pipe Line Co. 148
South Penn Oil Co. 340
Southwest Penna Pipe Lines.. 86
Standard Oil Co of California. 850
Standard Oil Co of Indiana.. 870
Standard Oil Co of Kansas. . . . 625
Standard Oil Co of Kentucky. 440
Standard Oil Co of Nebraska. 625
Standard Oil Co of New Jersey 8?0
do pf . 113
Standard Oil Co of Now York. 468'
Standard Oil Co of Ohio. 600
do pf . 108
Swan & Finch Co. 9 5
Union Tank Car Co. 128
do pfd. 100
Vacuum OH Co. 440
Washington OH Co.4...? 87
*
Asked
28
1600
114
440
97
245
107
650
34
156
143
98
its
? 67
183
100
41
81
188
104
390
64
720
273
425
153
350
90
355
885
650
465
650
870
114
473
525
110
100
133
102
460
?a
scellaneous Markets
Miscellaneous Oil Companies
Bid. Asked.
R6
1.10
PU
10V*
IIS
130
460
21%
172
60
8%
r?%
45 %
Atlantic tiobos Oil Co., com.. 60
do pf. 116
Condon & Co. 0
Elk Basin Petroleum Co. 10
Houston Oil Co coin. 114
Imperial Oil. Ltd. 120
Magnolia Petroleum Co. 440
Merrltt Oil Corporation. 21
Midwest Refitting Co. 170
Northwest OH Co. 40
Producers & Refiners Corpcom 8%
Sapulpa Refining Co.^_t 6%
Co8ilen & Co., new.' 44%
New York City Ronds
Security, rate, maturity Bid. Ask. Yield
Inter 4%s. 1067. 06%
do 4 tos,- 1965. 05%
do 4%s, 1963. 05%
<lo 4",h, 1967. 05?;
do 4%?, 1966. 00
do 4%s, 1064. 90
do 4 H s, 1062. 00
do 4 Us, I960. 00
do 4Us, I960 op 1930.. 00
do 4s. I960. 86U
do 4s, 1958. 86 U
do 4s, 1957. 86U
ReiT 4s. 1965-1966. 86%
do 4s. 1936. 90
Inter 3Vis, 1954. 77
Coupon 3',4s. 1954. 77
Reg 3?4s, J960-I954 inc.. 4.85
do 3%s, 1940-1950 luis.- 4.86
Reg and coup (serial)
414s, 1919-1930 Inc.. 5.80
Reg- and coup -^serial)
4%a. 1919-1931 lnc. 6.80
Reg and coup (serial)
4%s, 1919-1932 lnc. 5.80
New York State Bonds
Issued In coupon and registered form
Coupon bonds regls
06 V4
96%
06 V4
96 Vi
91
?1
91
01
91
87%
87%
8 7',4
87
92%
80
80
4.75
4.76
4.60
4.60. ?
4.68
4.68
4.68
4.69
4.71
4.71
4.71
4.73
4.72
4.70
4.71
4.71
4.75
4.61
4.66
4.U6
Security, rate, maturity. Bid. A?tt. Yield.
May. 1938, op, 1923. 99% 100% <-?9
Federal Farm Loan, 4%s,
May. 1939. op 1924. 96%
Federal Farm Loan, 4%h,
Nov., 1938. op 1923. 96%
Federal Farm Land 4?AH,
1937 . 06 U
Joint Stock Band Hank 6s,
May, 1939, op 1924. 07
Joint Stock Land Bank 6a,
Nov., 1938, op 1923_ 06%
97%
97%
97%
08%
_ 98%
Short Term Securities
Ask. Yield.
4.71
4.71
4.72
6.12
6.13
Security, rate, due.
Am Cotton Oil 6s, 1924
Am Tel & Tel 6s, 1922.
do 6s, 1924.
Am Thread 6s, 1928...
Am Tobacco 7s. 1920..
do 7s, 1921.100U
do 7s, 1922.101 ___
do 7s, %923.100% 101%'
Anaconda Cop 6s, 1929... 94 % 95%
Armour conv 6s, 1920-24. 99% 100%
Bethlehem Steel 7s, 1922. 99% 100
do 7s, 1923. 99% 100%
Can Pacific Rv 6s, 1921.. 93% 94
Cent Arg Hy 6s, J927_ 82% 84 Vi
C B &: Q joint 4s, 1921
C C C & St I, 6s, 1929. .
Bid.
96
94%
. 93%
99
.100
94%
87'
96 '
04%
94
100%
100%
101 %
1 01 %
94%
not Interchangeable,
terable.
Security, rate, maturity Bid Ask
Ctfnal Imp 4V4s. 1964-103% 105
Highway Imp 4%s. 1963.103% 105
Canal Imp 4%s, 1966- 99 100%
Highway Imp 4%s, 1965.. 99
Bargo Can Ter 4 Vis, 19-15 99
Highway Imp 4s, 1967.... 95
Canal Imp 4s, 1967. 95
Highway Imp 4s, 1960
1962 inc .
Highway Imp 4s, 1968....
Canal Imp 4s, 1960-1962
lnc .
Barge Canal Term 4s,
1942 and J946 . 95
Canal and Highway 3s,
1956-1959 . on application.
Federal Farm Loan Bonds
Security, rato, maturity Bid Ask Yield
Federal Farm Loan 5s,
96
95
100%
100%
97
97
06
96
96
96
Yield
4.26
4.25
4.24
4.24
4.24
4.15
4.15
4.20
4.20
4.20
4.20
Cu Am Sug 1st l'Ca. 1921. 99 % 100%
Oudahy Pack 7s, 1923... 99% 100 %
Del & Hudson 5s, 1920... 99 99%
Federal Sug Ret 6s, 1924. 96 97
Oen Electric 6s, 1920_ 99% 100%
Ot Northern 5s. 1920_. 98 Vi 98%
Gulf Oil 6s, 1921. 96% 9S%
do 6s, 1922. 96% 98%
do 6s, 1923.,. 96% 98%
Hocking Valley 6s, 1924.. 92 96
Inter R T conv 7s. 1921.. 72 74
Jacob Bold Pack 7s, 1920 99% 100%
do 7s, 1921. 09 Vi 100 V4
do '7a, 1922. 99
do 7s, 19 23. 99
Kan City Tqr 6s, 1923... 97
Kennccott Cop 7s, 1930.. 96
Lac O L 1st. & r 7s, 192!?. 95 Vi
Liggett & M Tnb 6a, 1921. 98 -
Moline Plow 7s, 1920. 99%
do 7s, 1921. 99
do 7s, J922. 99
do 7s, 1923. 99
do 7s, 1924. 99
N Y Central Cs, 1920. 99
Phlla Co 6a, 1922. 94%
Pcnna Co 4%s, 1921. 96%
Proo & Gamblo 7s, 1921..100
do 7s, 1922.100%
do 7s, 1923.100%
P S C of N J cv 7s, 1922. 85%
R .1 Reynolds Tob 6s. 1922 97%
Southern Ry 6s, 1922. 93%
St. PUD Guar 5%b, 1923 96
Swift & Co 6s, 1921. 98%
W I Sug Fin 7a, 1929_94
Utah Sec 6s. 1922. 84%
100
100 _
93 6.60
97 7.10
96% 7.55
98% 6.85
101 5.95
101 6.20
101 6.45
101 6.55
101 0.60
99 Vi 6.95
96% 8.80
97% 6.35
100% 5.90
101% 6.25
101% 6.35
87% 14.40
98% 6.75
94% 9.15
97% 6.30
99 6.60
98 7.30
86% 12.40
Markets in Other Cities
Baltimore
Open. High. Low. Last.
9%
4%
Salea
lu Atlantic Pete. 3% 3%
100 Central Teresa
Sugar com.. 7% 7%
10 do pf. 9
229 Cosden . 9 ?4
25 do pf. 4V?
200 CelPSttne . 2.40
58 Con Pwr com. 100
100 Da vison Chem 37%
75 Houston Oil pf 87
1900 Indiuhoma ... R',4
3 Mer ft M ?Tran 57
10 Mt Vernon pf. 90
85 Md Casualty. . 79V?
15 Penn AV Power 821^
Bonds
.2000 Cosden 6s A.. 94% 94 H
2000 Con Pwr 4%s. 77% 771.
4000 Con Gas 4%s. . 82 % 82%
1000 Cons Power 7s 98-% 98%
lOOOElkhorn 6s_ 94% 94%
1000 Houston O il ,
dlv ctfs.107 107
7000 United Ry 4s. 61% 61%
Boston
3%
7.%
3%
7%
9%
4%
2.40
9%
4 %
2.40
100% 100 100%
37% 37% 37 V,
86%
8%
67
90
79%
82%
87
8%
57
90
80
82%
86%
8%
67
90
80
82%
94i,_
77%
98%
94%
107
61%
94%
77%
82%
98%
94%
107
61%
4%
3%
84%
33%
4%
68
3%
21%
6%
86
Jl
17
50c
60%
12%
9
62%
348 .
22%
13
42%
4
10%
14%
3%
3%
66%
44%
79
33
4%
4
8%
67
3%
20%
6%
84%
11
16%
r.oc
60
60 Ahmoek . 70 70
40 Allouez . 35 35
10 Anaconda . 60% GO?;
200 Ariz Cml. 12% 12%
3100 Big Heart_ 9% 9%
319 Calumet ft. A. . 02% CS
47 Calumet & H..350 352
415 Carson . 23% 23%
20 Centennial _ 13 13
25 Copper Range. 42% 42%
36 Daly West. 4 4%
820 Davis Daly_ 10% 10%
226 East Butte. 14% 15
50 Franklin . 3% 3%
60 Helvetia . 3% 3%
15 Inspiration ... 56% 66%
60 Island Creek.. 44% 44%
10 do pf. 79
255 Isle Royale_ 33
360 Kerr Lake_
100 Lake Copper...
1315 Mayflower O C.
18 Mohawk .
170 New Arcadian.
315 New Cornelia..
I 5 Now loria.
295 New River pf..
105 Nipissing. 11
915 North Butte. . 16 %
200 North Lake... 50c
10 Osceola . 50
175 Old Dominion. 32
45 Quincy . 57
285 Seneca . 15 'i
35 Shannon . 1%
65 St Marys Land 47
95 South Lake. ..
50 Superior Cop..
33 Sup ft Boston.
2200 Tuolumne ....
10 U S Smelting.
10 do pf. 47
1 50 Utah cons. 8%
l?0i:tah Metal... 2%
100 Victoria . 2%
250 Winona . 1 %
Railroads
II Bos ft Albany. Ill 1.2
52 Boston Elev... 65% 65><
40 Bos ft. Maine. . 3514 36^
10 Bos ft Sub pf. (i ti '
20 Maine Central 70 70 70 70
2 Mass Electric. 4 4 4 4
65 do pf. 11 H% 11 11%
60 N Y. N H ft H 35% 86% 36 35%
6 Old Colony.... 85 85 85 85
25 West End pf.. 63 53 63 63
Miscellaneous
5 Am Agr . 92 92 92 92
21 do pf . 93 93 92 82
1560 Am Oil . 6% 6% 6% 6%
170 Ainoskeag . ..169% 160 159% 160
85 do pf . 81% 81% 81% 81%
16 Am Sugar pf.115% 115% 116
255 Am T& T. 99% 100 99%
100 Am Wool _131 131 131
60 do pf .104 104% 104
80 Anglo Am Sml 9% 9%
28 Art Metal .... 80
110 Boston Hex P. 2%
120 Century Steel.. 3%
2S0 Eastern Mfg. . 31
825 Eastern Stmsh 23%
692 do pf . 77
7 Edison.163
390 ?Elder. 29%
50 Gorton.26%
305 Gray.3s
n Int Cotton M
5%
4%
82c
6 7
15%
1%
47
30c
6%
4%
82c
70
47
8%
2%
2%
1 %
16%
1%
47
4%
80c
69
47
8%
2%
2%
1%
70
35
60%
12%
0
62%
348
22%
13
42%
4%
10%
14%
3%
8%
66%
44%
79
33
4%
4
8%
68
3 %
21
6%
85
11
1 6 %
60c
50
3 2%
F.7
15%
1%
47
25c
6%
4%
80c
69
47
8%
2%
. 2%
1%
131
64%
35%
132
?4%
66
26
27%
72
60
97%
30
2%
3%
31%
25%
83%
155
30%
26%
34%
66
18%
31 Int Portland
15 Int Products. .
200 Island OH . ..;
98 Libby.
135 Mass Gas ...
60 do pf .
30 McEJW 1st pf
210 Mex Inv. 44%
262 Nat. Leather.. 14%
17 N E Tel. 88%
3550 Ohio Body_33%
120 Orpheum . 80
66 Pacific Mills... 169% 170
48 Punta Sugar, .j 81% 81%
50 Stewart Mfg.. . 46% 46%
375 Slmnis Mag... 19. 19%
30
2%
3%
81
23%
77
153
29%
26%
33
66
18
26
27% 27
98
45%
14%
88%
36%
30
60
97%
115
100
131
104%
9%
30
2%
3%
81%
24%
83
165
30
26%
33%
66
18
26%
5%
27
72
61
97%
44
14
88%
35%
30
169% 170
81 % 81%
46% 46%
18%' 18 %
487 Swift ft Co. ...123% 124% 123% 123%
130 do Int . 45%
lOTorrlngton ... 75
15 United Drug...136
4 0 do 1st pf_ 51
170 United Fruit.. 203
82 United Shoe ex 16
25 do pf ex. . . . 25 %
470 Ventura.17
900 Waldorf.21%
50 Wal worth . . . 22%
605 Wick Wire ... 27%
Bonds
$1000 Am T ft T 4s. 67
1000 A O W I 6s... 76
1000 Carson 7s . . . .107
4000 Miss River 6s. 75
1000 N E Tel 5s... 85
75
136
?%
45 .;
75
136
51
206 % 203
46
25%
17
21%
22%
28
25%
16%
20%
75
136
51
204
46
107
75
86
67
76
107
74%
85
25%
16%
20%
22%
28
67
78
107
74%
85
Boston Curb
Bid Ask
Ariz Extn..l2 14
Ariz Sllv.. 1 3-16 1%
Blk Hawk ..SO 85
Bohemia .. 1 % 2
Bos ft Mon. 70 72
Calaveras?? 1%
Chief Con.. 4% 4%
Con Copper 4 1-6 4%
Crown Rsv.30 40
Crystal new.29 30
Denbigh ...30 35
Baglo B B 2 1-10 2%\Ptoneer
Fortuna ... 8 9 Rngr Pet
Gadsden ... 1%
Homa Oil.. 10
Bid
Mex Metal. 16
Mid Moss...60
Moj Tungst. 8
Monarch . ..??
Nat L & Z. 6
Nev Doug..10
New Baltic. 3
Nixon .14
Onondaga
Orpheum
Pilgrim
Ask
18
65
Houghton ..50
Iron Bio?...80
Iron Cap...11
Jerome Ver.40
La Rose-40
Majestic ...11
Sales.
15
4
18
85
31% 31%
16 17
8Q0 1.00
? 45
Rainier . . 1% 1 7-16
Svn Metals.20 21
S W Mi f p. 3% 4
Silver Reef.17 18
Texana _25 27
U Verde Ex.87 % 39
Yukon.1% 1%
1%
11
76
40
11%
43
60
20
Chicago
Open. High. Low. Last.
25 Am Radiator..325 825 325 325
150 do new .,?. 80 80 80 $0
2000 do rights... 1% 1% 1% 1%
20 Am Ship Bldg.113 113 113 113
80 Albert Pick... 42% 43% 42% 42%
10 A D ft Cohn.. 37 37 37 37
15 do pf. 94 94 94 94
1000 Arm#ur pf- 99% 99% 99% 99%
1400 Armour Loath 16% 16% 16% 16%
275 do pf. 94% 94% 94% 94%
lOOBrlsooe . 65% 65% 65% 65%
2ft Beaver Board. 66 66 66 66
25 Bunte Bros..'. 17% 17% 17% ?17%
100 Bucyrus pf...l00 100 100 100
10 Booth pf. 65 66 66 66
320 Chi C Conn pf. 9% 9% 9 9
10 Chi Elev Ry pf 7% 7% 7% 7%
60 Chi Pneu Tool 95% 96% 93 93
680 Cudahy .100 100 100 100
98 Comw Edison.107 107 107 107
46 Cont Motora.? 11% 13 11% 13
1
Sales. Open. High. Low. Last.
65 Hart, S & M.. 87% 88 87% 88
1000 Hupp Motor. . . 16% 16 15% 16
30 Hartman Corp 90% 90% 90% 00%
25 Illinois Brick. 82 82 r 82 82
20.1 I Case P 1st 90 90% 90 90%
1900 L. McNeil & L 27% 27% 27 27
425 Mont Ward... 34 34 33% 83%
25 M W Util pf.. -10 40 40 40
100 Mitchell . 38% 39% 38% 39%
700 Nat Leather.. 13% 14 13% 13%
140Orphcum _ 30 30 29% 30
20 Public Servlco 77 77 77 77
15 do pf. 88 S3 88 8S
15 Peoples Oas. .. 88 88 88 38
170 Quaker O pf.. 95% 95% 95 95
270 Reo Motor_ 27 V? 27% 27% 27%
60 Sears Roebuck.234 234 234 234
165 Shaw . 66 67 66 67
1600 Stew Warner. 42 42% -12 42 Vi
900 Swift Int. 45% 45% 45% 45%
700 Swift & Co_124 124 123% 123%
100 Thompson_ 61 61 61 61
1200 Union Carbide 73 7 1 73 73
100 U Paperboard 24% 24% 24% 24%
2600 U Iron AVorks 65% 66 6 1% 66
60 Wahl . 4 2 42 12 4 2
85 West Knitting 21% 21 % 21 21
15 Wilson pf. 97 97 97 97
60 Wrigley . 77 77 77 77
Bonds
$1000 Met L Ry ext 4s 45 45 45 45
Detroit
700 Charcoal Iron. 4 Vi 4% 4 Vi 4%
40O font Motor.... 12 12 11% 11%
20 Detroit Edison. 107 % 1 07% J 07 107%
50 Federal . 72 72 72 72
400 Michigan Sug. 11% 11% 11% 11%
2600 Packard Motor 26% 26% 26% 26%
200 Paige Det Mtr. 43 43% 43 43%
250 Reo Motor Car 27% 27% 27% 27%
100 Lincoln. 49% 49% 49% 49%
Philadelphia
875 Amer Stores... 45% 46% 45 45
10 Baldwin Lo pf.100% 100% 100% 100%
45 Ele,? Stor Hat.119 119 118 118
100 Grr Asphalt pf.165 165 165 166
39 Ins Co X A_ 28 2S % 28 2X
3415 1. Superior Cor 20 21 2" 20%
70 Lehlgh Nav.., 64% 64% 64 64
30 Phil Co 6% pf 34% 84% 34% 34%
354 Phil Elec. 25 25 24% 25
453 Phi! R T t c. 23% 24 23% 24
lOOTonopah Bel.. 2% 2% 2% 2%
10 Union Trac_ 3 5% 35% 35% 38?%
311 United (jas Im 49% 49% 48.% 4!) Vi
Bonds
$5000 Am G &? El 5s. 79 79% 79 79%
5000 Bald Loo 1st 5s 90% 9i'. % 96% 96%
1000 Ele &: Peo T 4s 64% 64% 64% 64%
8000 Lk Sup lnc 5s. 60 60 60 60
6000 Phil El 1st 5s. 91 91 91 91
4000 Reading gen 4s 78% 78% 78% 78%
Pittsburgh
26 Am W Gl Mch.122 122 a22 122
10635 Arkansas Gas.. 32 34 32 32%
90 Barnsdall Corp. 4S Vi 48% 48 4S %
10 Carbo Hydro .2 2 2 2
80 do pf . 4 4 4 4
100 Carnegie L&Z 7 % 7% 7 V? 7%
SOOGuffey Gill .. 31 82 31 31%
26 Indpt Brewing. 4% 4% 4% 4 %
ZOO Kay Cojunty O. 1% 1% 1% 1%
10 Lone Star Oas. 36 8?! 36 36
3964 Marland Ref . 6% 6%, 6% 5%
40 Mfrs Lt & Ht... 59 59 68% 58%
40 Nat F'proofing. 8,888
635 do pf . 15 15 15 15
105 Ohio Fuel Sup. 51% 51% 51% 61 V?
5 Ok la Gas .... 41% 42 41% 41%
200 Okla Prod&Ref 5% 6% 6% 6%
40 Penn R R. 43% 43% 48% 43%
JOOPgh Brewing.. 6% 6% 6% 6%
2200 Pgh Jerome .12 12 10 JO
430 Pgh Oil & Oas 15% 16 15% 15%
24 Union Nat Gas.124 124 124 124
30 U S Steel. 99% 99% 99% 99%
eOWhouse A B.lll 112 111 112
20 W'inghouse El. 53% 53 Vi 53% 53%
m
Appoints Budget Committee
Alfred E. Marling, president of the
Chamber of Commerce of the State of
New York, yesterday appointed a com?
mittee on the national budget consist?
ing of Charles D. Freeman, Deonor F.
Loree, Howard C. Smith, James Brown
and Felix M. Warburg. This appoint?
ment was authorized at the March
meeting of the Chamber of Commerce.
"Had there existed at Washington
during the last two years a central su?
pervisory system performing the plan?
ning and checking functions, there is no
doubt but that the taxpayers of the
country would have been saved mil?
lions and even billions of dollars," Mr.
Marling said, in announcig the new
committee.
"The real national need relative to j
Federal appropriations is to spend
money where it is actually required
and not where some one desires it to
be spent; it is national interest above
mere local interest.
"The United States government, em?
ploying 1,000,000 people and spend?
ing between $4,000,000,000 and $5,000,
000,000 annually, is one of the largest
business concerns in the world, cer?
tainly the largest without a business or
financial manager. Despite the fact
that both political parties have in?
serted planks in their platforms favor?
ing a national budget, there is no indi?
vidual or committee or bureau at
Washington to correlate the govern?
mental activities or governmental ex?
penditures. The results have been
waste, extravagance and much 'pork.' "
-m
Wyoming Crude Oil Up
CASPER, Wyo., March 16.-~The Ohio
Oil Company and the Midwest Refining
Company, two of the largest purchasers
of Wyoming crude oil, to-day an?
nounced a general increase of 25 cents
a barrel for the various grades of
crude oil.
Financial Items
Bankers Trust Company has been ap?
pointed registrar for the capital stock of
the Weldeman Oil Company and transfer
agent for manager's and common stock
of McClure'? Magazine, Incorporated.
Knauth, Nachod & Kuhne have formed
a syndicate to underwrite the purchase
and resale of 130,000 shares, $20 par, of
the capital stock of the Alvarado Mining
_ Milling Company, which operates silver
mines In Mexico.
The Herschell-Splllman Motor Company,
manufacturers of gasoline motors, reports
unfilled orders on its books of $12,000,000.
Orders are now being booked for 1921 ?le-,
livery, the entire 1920 output of 60,000'
motors having been sold. The current
year's production, together with order
schedules, indicate, according to officials
of the company, net earnings of $1,500,
000, equivalent, after preferred dividends,
to more than $70 a share on the outstand?
ing common stook of $50 par. Balan?a
sheet as of December 31,? 1919, disclosed
total current assets of $1,346,129, agalns/
$367,726 In current liabilities, and tota.
net ??sets of $3,160,572.
Profit Taking
Puts Prices Down
On Curb Market
Early Gains Wiped Out as
Outside Traders Sell
Heavily; High-Priced Oils
and Industrials Suffer
Stocks in the outside market suf?
fered a setback In an active trading
session yesterday. On heavy profit
taking, combined with a renewal oi
i selling for the short account, prices
receded sharply in many instances.
The market started out strongly and
gains were well held during the first
half hour. However, when the big
board issues displayed a tendency to?
ward reaction later in the day, the out?
side market followed that lead and de
"clined.
High priced oils generally were
lower at the end of the day. Houston
which has displayed a vigorous tone
of strength for several days, dropped
back to 115 after rising to 120. Gen?
eral Asphalt, classed as an industrial,
but which is speculative because of its
oil possibilities, sold off rapidly aftei
an early display of strength. At the
close it was only a few points above
? Par<
| Elk Basin Petroleum continued
strong on the announcement that, the
Ohio Oil Company has completed a
: well in the Rock River field, Wyoming.
: which flowed 1,460 barrels in the first
! twenty-four hours. Elk Basin is op
; crating jointly in this field with the
! Ohio company, and has a substantial
interest in this new completion.
American Safety Razor displayed
! early strength on active covering by
! shorts, but lost part of its gain in the
afternoon decline. United States
Steamship was very active around 3.
Since the news of the revolution in
Germany Russian external bonds trad?
ed in on the Curb have shown a de?
clining tendency. Yesterday both is?
sues receded to 33% on light dealings.
They recently sold close to 40.
Industrials
1 gales. Open. Hteh. Low. Last.
1800 ?Acme Coal .. 2 2% 2 2%
r?00 ?Aetna Exp .. 8% 8V? 8% 8%
200 Air Reduction. 45 45% 45 45%
900 ?Aluminum Mfg 28% 29 28 29
200 ?Amer Candy.. 9.4 9% 9.4 9%
300 ?Amer Rad w i 75 77 75 77
1400 Amer Saf Raz 10 10% 10 10 .4
300 ?Br-A Chem Cp 8 88 8
900 ?Br-Am T coup 19% 20% 19% 19%
1100 ?do rts _ 7% 7% 7% 7%
375 ?do reg rts.. 7 7 7 7
G00 ?Butler Bros.. 53 53 50 51
1000 Cen Teresa Su? 7% 7% 7% 7%
700 ?Conley Tin F. 26 26 25% 25%
1000 ?Cub-A Sug w i. 43 44% 43 44%
11500 ?Gen Asphalt.108 110% 102% 103
700 Grape-Ola .... lft lft lft 1/,
900 do pf . 2ft 2ft 2 2 ?
TOO ?Hall Si. nal.. 6 fi 6 6
?On ?Heyden Chem. 4 4% 4 4%
800 Indian Packing 14% 15% 14% 15%
200 Inter Rubber.. 13 13 13 13
4000 ?Kay Co Gas. 2 2 1% 1%
100 ?LncMoCl A.. 49 49 49 49
800 ?Locomobile (n) 21% 21% 20% 21
200 ?Nat Coal & I. 45 46. 45 46
500 No Am P & P 5% 5% 5% 5%
400 ?Orpheum Cir. 29% 30 29% 30
300 ?Packard Motor 27 28 27 28
100 Patchogue-Ply, 41 41 41 41
1200 Perfection Tire 4 4% 4 4%
200 ?Philip Morris. 55 55 55 55
2800 ?Pressman T&R 3% 4 3% 4
100 ?Rainier Mo... 41 41 41 41
1275, ?Republic Rub. 4% 4% 4 4%
500 ?Root & Vand. 47% 47% 47 47
100 Stand Pa Cp pf 38 38 38 38
1500 Submarine Bt. 17% 17% 17 17
700 ?Sweets Co of A 5 5% 4% 5
S00 ?Swift Inter. . . 45% 46 45% 45%
3000 ?Tob Prod Exp 20 21 20 21
?H0*Todd Shipyd.,175 175 170 170
1000 ?Union Carbide 73% 74 73 73%
1000 Un Prof Shar. 2% 2% 2% 2%
500 ?Un Pic ProdCp 14 14 14 14
300 ?Un Ret St Cndy 14% 14% 14% 14%
1200 U S Distrib... 51 52 51 52
700 ?U S H Spd T 31% 32 31% 31%
18000 U S Steamship 3 3% 2% 3
500 U S Transport 10 V4 10% 10% 10 %
200 ?V Viv'dou Inc. 18 18% 18 18%
500 Wayne Coal .. 4 4 4 4
400 "-Willys 1st pf. 95 96 94% 95
Standard Oils
Sale?. Open. High. Low. Last.
50 ?Ohio Oil Co. ? 384 378 378
150 ?So Penn Oil.. ? 335 340 345
400 ?Stand O (N J) ? 887 860 870
250 ?Stand O (N Y) ? 480 472 475
Other Oils
Sales. Open. High. Low. Last.
2300 ?Allen Oil ... 2% 2% 2% 2%
10250 ?Allied Oil ... % % ft ft
700 Alto Gas & Oil 2 2 1% 1 %
5000 ?Amal Royalty. 42 42 39 39 "
500 tAnna Bell W O 80 80 77 77
800 ?Ark Nat Gas. 32% 33% 32 33
700 ?Associated Oil 1% 1% 1 1%
2900*Boone Oil . .. 4% 4% 4% 4%
800 ?Bost-Mex Oil. 2% 2% 2% 2%
10000 *tBost-Wyo Oil 1% 1$ 1% 1%
500 ?Brazos Oil Cp 15 164i 15 16%
1500 Carib Synd_ 32 32% 29 29
300 ?Circle Oil ... 3% 3% 3% 3%
300 ?Cit Ser B T sh 40% 40% 40 40
300 ?Columbia Emer 10% 10% 10 10%
1300 ?Cosden &Co.9 9% 9 9%
200 ?Cushing Pet. .2222
1800 ?Dominion Oil. 16% 16% 14 14%
2100 ?Duquesne Oil. 7% 7% 7% 7%
2500 Engineers Pet. 1% 1% 1% 1%
3500 ?Elk Basin Pet 10% 10% 10 10%
1100?Ertel Oil ... 1% 1% 1% 1%
8950 ?Esmer Oil & G % A % %
1000 ?Federal Oil .. 4 4 3% 3%
500 ?Gilliland Oil.. 46% 46% 45 45%
100 ?do pf . 99% 99% 99% 99%
3700 ?Glenrock Oil. 3% 3% 3% 3%
500 ?Guffey-Gil Oil 31% 31% 31% 31%
400 ?Gum Cove Oil 2% 2% 2% 2%
700 Home Pet of D 3% 3% 3% 3%
500 ?Houston Oil.. 117 120 115 115
3500 ?Hudson Oil... ft % ft %
2000 ?Internat Pet. 39% 39% 39 39%
4100 ?Invincible Oil 38 38 37% 37'?
2000 ?Island Oil & T 5 5 4% 4%
500 ?tLance Creek. % % % %
2500 Livingston Oil. 1% 1% 1% 1%
700 ?Lone Star Gas 36 37 35 36
500 Magna Oil ... 4% 4% 4% 4%
100 ?Manhattan Oil 21 21 21 21 '
1500 ?Merritt Oil Cp 21% 21% 20% 21
2000 Met Petroleum 3 3% 2% 3
1500?Metex Pet .. 4% 4% 4% 4%
6000 ?Mexico Oil .. 1% 2% 1% 2
1250 ?Midwest Ref.175 175 170 171
700 ?Midwest-Tex O % % % %
1600 No Am O & R 3% 4 3% 4
5000 ?North Tex Oil 2 2 2 2
2000 ?Ohio Ranger. % % % %
900 ?Okla Nat Gas 41 41% 40% 41%
200 ?PanhandleP&R 19 19 18V, 18U.
100 ?Panhandle P pf 81 81 81 81
300 ?Pennok Oil . . 7 7% 7 7%
500 ?Phil P(x) 100% 42 42 41 41%
1500 ?Prod & Ref.. 9 9% 8% 8%
500 ?Red Rock Oil 1 1 1 1
800 ?Rickard Tex Co 1% 1% 1% 1%
2500 ?Ryan Pet ... 2% 3% 2% 3
1500 ?+Salt Cr Prod. 52 52% 50% 50%
1500 ?Sapulpa Ref.. 5% 5% 5% 5%
1500 Seciuoyah O & R ft % j. u.
5000?Simms .Pet... 36% 36% 35% 35%
1700*Skelly Oil ... 11% 11% 11% n%
400 So Stat ConsCp. 1% 1% 1% 1%
1700 Spencer Pet Cp 21% 21% 21% 21%
1000 ?Stanton Oil.. % % % %
200 Steiner Oil ... 5 6 5 5
1200 ?Superior Oil.. 18% 18% 18% 18%
800 ?Texas Clyef O 20 24 19 19
15000 ?Texas Co w i 54 55 53% 53%
300 ?Tex-Ken Oil.. 3% 3% 3% 3%
150 Tex & P C & O 97 99 97 " 99
300 Tex-Bang P & R 1% 1% 1% i?
9400 ?Texon Oil & L 1 1 74 11
400 ?Trinity Oil .. % % % %
1500 ?Tropical Oil.. 21 21% 20% 20%
3700 ?Un Tex Pete. 1 1% 1 lS ;
1200 ?Valverde Oil.. 8 9% 8 9% !
500 ?Victoria Oil.. 1% 1% 1% i% ;
100 ?Vulcan Oil ..7% 7% 7% 7%,
900 ?Wher?n Oil .. 1 11 1 ,
500 ?White Oil ... 29% 30% 29% 29% ?
Mining
Sales. Open. High. Low. Last. !
1900 Alaska-BrCM.. 1% 1% 1ft 1%
400 ?Arizona SUv. 1% 1% 1% \iT
3700 ?tAtlanta _ 4 4 3% 4
6500?tBelcherD(ap) 11 11 10 10
.'6400 ?Belcher E (ap) 13 14 12 12
1500 Big Ledge- ft ft ft ft
3700 ?tBobth . 6 6 6 6
7500 fBost & Mont. 70 72 68 72
1200 ?tCaledonia .. 36 36 35 35
500 Canada Copper 1ft 1% 1ft 1?
3300 ?Candelaria Sil. % U % %
. 400 ?Carson Hill G 23% 23% 22% 22%
3500 ?tCashboy _ 8% 9 8 8%
100 ?Cons Vir Silv 4% 4% 4% 4%
.4600 ?Cortez Silver. 54 65 63 55'
9100 Divide Ext (ap) U % % II
3000 ?Eureka Cr M. llj 1% 1U
16400 ?tEureka Holly 1 ft 1 ?j 1%
500 El Salvador SUv 8 8 2%
.4200 Emma Silver..- 15V 16 14
Vf
"Foreign Trade Through Foreign investment?"
A Comparison
of French Government Loans
4% Loan of 1917 5% Victory Loan
5% Loan of 1920
IN view of the interest in French Government Internal Loans it
has become necessary for bankers as well as investors to have
at their disposal a comparison of the principal issues. We have
therefore prepared a chart which gives for each issue the present.
income in francs and in dollars, with a 1 c. change in the value of
the franc from 7c. to 19c, the increase in income as the franc
recovers its exchange value, and the% comparative profits and
income at current rates for each loan.
Also a graphic chart which shows the fluctuations in the
French 3% and 5% Rentes since 1798.
This chart should be in the hands of every banker, manu?
facturer, exporter and investor for present and future reference.
Complimentary copy sent on request for pamphlet No. T-80.
?. B. Leach & Co., Inc.
Investment Securities
62 Cedar St., New York
Chicago Philadelphia Boston Buffalo
Minneapolis Baltimore Pittsburgh Cleveland
U-, _.
Sales Open. High. Low. Last.
700 ?Forty-nine M. i% 1% 1% 1%
400 ?Golden Gate.. 1111
3700 ?tGoldfield Cons 13 14 13 14
3500 ?tGoldfield Dev 7^ 8 "?? 8
5600 ?tGoldfield Merg 4 4 3% 4
4000 ?fGreat Bend.. 3 3 3 3
700 Hecla Mining.. 4% *Vi 4% 4^
300*Hond Am Syn 18 UVs 18 I8V2
3500 *|Jim Butler.. 23 25 23 24
45001Jumbo Exten. 11 12 11 12
2700 ?tKewanas ... 4 4 3 4
4500 ?fKnox Divide. 11 12 11 12
500 La Rose Ltd.. Va Va Va V?
3000 ?tMacNam Min \\ % A ii
3000 ?fMarsh Min.-. 17 18 16 17
200 ?Motherlode Cop 5 5 5 5
500 Murray-MM Ltd 75 75 75 75
500 ?Nat Tin Corp. 3Vs? 5 ZVa 4
200 N Y Hond&RM 14V? UVs UVa UVa
200Qphir Silver M 1 1 1 1
100 Rand Mines Ltd 38 38 38 38
1000 Rex Consol- 10 10 10 10
16500 Roper-Group M A -ft -its ft
800 Seneca Copp?Mr. 15% 15% 14% 14%
900 ?Silver Dol M. % Va % %
3000 Silver K of A. Va ft Va ft
2500 ?fSilver King D 7 7 7 7
7500 ?tSilver Pick.. 26 26 23 24
1600 Standard Sil Ld % ft Va ft
2500 ?tSuccess Min. 5% 5% 5 6%
275 ?Tono Belmont 2& 2% 2% 2Va
475 ?Tono Divide.. 2r? 2% 2rs 2%
1500 Tono Exten... 2% 2% 2% 2'4
675 ?Tono Mining. '?Va 2Vs 2 2Vs
1550 United Eastern 3}J 3}!J 3% 3%
1000 *tU S Cont M 7 8 7 J"
6500 ?tVictoryDlap) 8 9 8 SV2
leOOfWash Gold Q. 1-ts 1% 1ft 1%
1500 f West End Cons 2 2 1% 2
3700 tWh Caps Min 15 15 14 14
2500 ?Wh Knob pf. 2V? 3 '?Va 3
2700Wilbert Mining 8 8 7% 8
Bonds
Sales (000 omitted). Open. Hiirh. Low. Last.
?15 ?Allied Pack 6s. 77 77% 76 77%
75 ?Am T & T 1922 94% 95 91% 94%
3 ?do 1924 . 93% 93% 93% 93%
15 ?Am Tob 7s 1923.101& 101% 101 101
2 ?Bel Gov 6s 1921 98 98 97% 97%
5 ?do 6s 1925... 95% 95% 95V? 95V?
25 ?Gen Elec 6s 1940 99% 100 99% 99%
l?Rus Gov 5&s... 33% 33% 33% 33%
2 ?do G^s . 33% 33% 33% 33%
810 ?Tex Co 1% notes 99 99 98% 99
?Unlisted. tSells cents per share.
Bank of N. Y. 136 Years Old
The market for low end goods was
ization of the Bank of New York Na?
tional Banking Association is being
celebrated. The bank, the oldest in
New York State, was organised by
Alexander Hamilton in March, 1784. It
was chartered as a national bank In
June, 1865. It3 business is largely
commercial and some of its foreign con?
nections are of more tha nsixty years'
standing.
FINANCIAL MEETINGS
THE MERCHANTS BANK
OF THE CITY OF NEW YORK
Notice Is hereby given that a Special
Meeting of the Stockholders of this Bank
will be held at the office of the Bank, 42
Wall St.. New York City, on March 24,
1920, at 11 o'clock A. VI. At this Meeting
the Stockholders v.* i 11 be invited to con?
sider and to act upon an agreement for
the merger of tnl3 Bank Into President
and Directors of The Manhattan Company,
which agreement feas heretofore been ex?
ecuted by the ofSfceirs of thin Bank by
authority of the Board of Directors and
has been approved by the Superintendent
of Banks, and to transact such other
business as may properly come before
the Meeting.
The transfer books will be closed at the
close of business March 23rd and reopen
?t the beginning of business March 25th.
OWEN B. PAYNTKR. Cashier.
PARTNERSHIP NOTICE
NOTICE OF LIMITED PARTNERSHIP.?
The firm of MORDAUNT & HEMMICK.
under that name, and with a principal place
o? business in New York County, is to engage
in the business of the purchase, sale and
underwriting of stocks, bonds and Investment
securities generally. Following are the re?
spective names and places of residence of
the partners In said firm, each of whom is of
?ull age: Frederick ?. Mordaunt (General
Partner), Rlvervlew Manor, Dobbs Ferry,
N. Y. ; Christian D. Hemmick (General Part?
ner), 28 East 62nd Street, New York City,
N. Y. ; Alexander Fielder Clarke (Special
Partner"), 102 East 32nd Street, New York
; City, N. Y. Said special partner has con
: trlbuted $5,000 cash to the firm. Said part?
nership Is to begin on January 1, 1920, and
end on January 1, 1921, unless sooner terml
! nated by th<? special partner exercising his
i right within such year to become a general
partner.
DIVIDEND NOTICES
TEXAS PACIFIC COAL AND OIL COM?
PANY.
24 Broad Street,
New York, March 15, 1920.
The usual quarterly dividend of one and
one-half per cent. (ll6%) and a special
dividend of five and one-half pep cent.
(?Mi^) have been declared, both payable
on March 31, 1920, to the stockholders of
record at the close of business on March
20, 1920.
Dividend checks will be mailed In the
usual course.
EDGAR L. MARSTON. President.
TITLE GUARANTEE AND TBCST COM
PANY.
No. 178 Broadway, New York City,
March 16, 1920.
By resolution of the Board of Trustees
the regular quarterly dividend of FIVE
PER CENT, ha? been declared and is
payable March 31st. 1920. to the stock?
holders of record at tho close of business
on March 23rd, 1920.
CLARENCE C. HARMSTAD, Treasurer.
AMERICAN CAN CO.
A quarterly dividend of one and three
quarters per com has been declared on the
Preferrod Stock of this Company, payable
April 1st, 1920. to Stockholders of record
at the close of business March 17th. 19?0.
Transfer Book? will remain open. Checks
mailed. R. H. ISMO?7
Bscrttary 0? Treasurer.
TO HOLDERS OF CERTIFICATES OF
DEPOSIT FOR EVANSVILLE & IN?
DIANAPOLIS RAILROAD COMPANY
FIRST MORTGAGE SIX PER CENT
BONDS. DUE JULY 1. 1924, AND
EVANSVILLK & INDIANAPOLIS RAIL?
ROAD COMPANY FIRST CONSOLI?
DATED MORTGAGE SIX PER CENT
BONDS, DUE JANUARY 1, If)'...
ISSUED UNDER AGREEMENT DATED
JULY ?. 1914, BETWEEN THE COM?
MITTEE THEREIN NAMED AND THE
HOLDERS OF SAID BONDS WHO
SHOULD BECOME PARTIES THERE?
TO:
NOTICE Is hereby pi ven that a Plan and
Agreement, dated March 16, 1920. for the re?
organization of Evansville & Indianapolis
Railroad Company has been prepared and
adopted and approved by the undersigned
Committee under .aid Agreement dated July
9, 1914, as modified and amended, and that
a copy of eald Plan and Agreement has been
filed with The Farmers' Loan and Trust
Company, the Depositary under said Agree?
ment dated July 9, 1914.
Any holder of a Certificate of Deposit
issued under said Agreement of July 9, 1914,
may, within the thirty day period prescribed
by said Agreement (winch thirty days will
expire on April 30, 1920), file with The
Farmers' Loan and Trust Company, the De?
positary, at its office, No. 22 William Street,
New York City, a written notice of dissent
from said Plan and Agreement, specifying
the date or dates and the number or num?
bers of the Certificates of Deposit held by
him. Unless holders of outstanding Certif?
icates of Deposit issued under said Agree?
ment of July 9, 1914. representing more than
one-third in amount of said Evansville &
Indianapolis Railroad Company First Mort?
gage Bonds or more than one-third in amount
of said Evansville & Indianapolis Railroad
Company First Consolidated Mortgage Bonds
deposited under said Agreement shall file
such written notice of dissent from said
Plan and Agreement in the manner and
within the period in said Agreement of July
9, 1914, prescribed, said Plan and Agreement
shall be effective and binding on all holders
of Certificates of Deposit issued and out?
standing under said Agreement of July 9,
1914, and all such holders will become parties
to said Plan and Agreement without the issue
of new Certificates of Deposit.
Holders of said First Mortgage Bonds or
First Consolidated Mortgage Bonds not here?
tofore deposited under said Agreement of
July 9. 1914. may deposit the samo with the
Depositary thereunder on or lief ore April 30.
1920, together with trie coupons maturing
July 1, 1914. and all subs?quent coupons,
and receive therefor Certificates of Deposit
of said Depositary.
Holders of Certificates of Deposit, in order
to avail themselves of the privilege of be?
coming Subscribing Depositors as in said
Plan and Agreement provided, must, on or
before April 30. 1920. present their Certif?
icates of Deposit to The Farmers' Loan and
Trust Company, Depositary under said Plan
and Agreement, at Its office. No. 22 William
Street, New York City, for appropriate
stamping, and must, on or before May 10,
19.20, pay to said Depositary, for account of
the Committee, the sums required in the
Plan.
The Committee will act as Reorganization
Managers.
Copies of said Plan and Agreement, to
which reference Is hereby made for a full
statement of the terms, conditions and provi?
sions thereof, may be obtained from the said
Depositary.
Dated, New York, March 16, 1920.
HAROLD PALAGAXO, Chairman.
WILLIAM B. CARDOZO,
1 ELLIS W. GlvADWIN,
EDWARD H. LADD, JR.,
RAYMOND M. SMITH.
G. T. TOWNSEND,
Committee.
STATE OF NEW YORK. OFFICE OF THE
SECRETARY OF STATE.
THIS CERTIFICATE issued In duplicate,
hereby certifies that the White Washburne
Company, Inc., a domestic stock corporation,
has filed in this office en this 27th day of
February, 1920, papers for the voluntary
dissolution of such corporation under section
221 of the General Corporation Law, and
that it appears therefrom that such corpora?
tion has compiled with said section In order
to be dissolved.
WITNESS my hand and the .eal of office
of the Secretary of State, at the
[SEAL] City of Albany, thlr, Twenty-sev?
enth day of February, one thou?
sand nlno hundred and twenty.
E. W. VAFT.
Second Deputy Secretary of State.
WILLIAM R. BRINCKERIIOFF, Attorney
for White Washburne Company, Inc., 46
Cedar Street, New York City.
DIVIDEND NOTICES
empire Ctuj?t Company
1.0 Broadway.
A quarterly dividend of three per cent.
(3%) has this day betn declared upon the
capital stock of this company payable on
March 30 to stockholders of record at the
*;lose of business, March 20, 1920.
Unless other Instructions are filed
checks will be mailed to each stockholder
it the address, last appearing on our books.
The Transfer Books will not be closed.
MYRON J. BROWN. Secretary.
New York, March 16. 1920.
Railway S teel-Springr Company.
30 Church Street. New York City,
February 27th, 1920.
A quarterly dividend of TWO PER
.ENT (2%) has this day been declared
>n the COMMON STOCK of this Company,
payable March 31, 1920, to Stockholders
if record, March 17, 19ro.
The Transfer Books wrll not be closed.
Checks will be mailed by the Bankers
rrust Company*.
H. S. BANOHART. Treasurer.
>fflce of The United Gas Improvement Co.
N. W. Corner Broad and Arch Street?,
Philadelphia, March 10, 1920.
The Directors havo tills day declared a
luarterly dividend of two per cent. ($1 00
>er share), payable April 15, 1920 to
tockholders of record at the close of
.uslness March 81. l?2u. Checks will be
nailed. I. W. MORRIS, Treasurer
INDIAN PACKING CORPORATION.
_. _ Chicago, 111., March 15. 1920.
The Directors of the Indian Packing
orporatlon have this day declared a re?c
dar quarterly dividend of 25 cents per
hare on the capital stock of the Corpora
Ion payable April 14th. 1920. to stock
?ola.? of record March 30th. 19?0.
JV??. CLAIR, ?ecraUtn
ANDREW .T. McCOP.MA.CK, Auctioneer.
(REGULAR AUCTION- SALE
STOCKS AND BONDS
Bt ADRIAN H. MULLER ? SOX,
OFFICE. 55 WILLIAM STREBT. .
?WEDNESDAY. MARCH 17, 1920, *
at 12:30 o'clocx. at the
EXCHANC-K SALESROOM.
NOS. 14 ANO 1?3 VESEY STKEST.
For Account of Executors:
8 phs. Pacific C'ir?sT Co. Iht prefd.
$5,000 Schenectady Ry. Co. Is-, Mtg. "A"
5% Bonds, 1946.
$30.000 Nov.- York Investors Corpn. Guar.
1st Mtgr. 4%% Regstd. Bonds, 13::.
$S0,000 Xmv York Investors Corpn. Guar.
1st Mtir. i'-,"' Regstd. Bonds, Hit
$4,000 Detroit & Macklnao Ry. 4"? litg.
B<.n<Js. 1995.
$4.000 Automobil" Club of America 41
Bondn. Ji?30.
$3,000 Indiana Lighting Co. 1st Mtg. 45
Bunds, 1958.
$7,000 Long Island R. R. l?e Deb. Bond?.
$1.000 .Mobile <Sr Birmingham R. R. 1?
Mt?. 4f? Bond. 1945.
$2,000 The Pinewald Co. 1st Mtg. 5%
Bonds, due 1915.
$3,000 Pittsburgh, Wheeling <C- Lake Erie
Coal Co. 4^ MtK. B..r,ds, 1931.
$S,000 Peoria & Pek?n Union Ry. <_<
Bond.?, 1^21.
$3,000 Peorta Ry. Terminal 1st Mtg. 4*
Bonds, 1937.
$S,000 Wabash R. R. Omaha DIv. 1st
Mtg. :?'-rr Bonds, 1941.
$4,000 Western New York Farms 1st Jit?
<\r; Bonds, 1926.
$11,000 Sioux Falls Traction System 1?
Mtg. r.'*r Bonds, 1930.
19V? 8hs. Chateauguay Ore &- Iron Co.
1st prefd.
37Vj shs. Chateauguay Ore & Iron Co.
2d prefd.
5 3-5 shs. Denver Union Water Co. com?
mun.
1 2-5 shs. Denver Union 'Water Co. pretil
2 shs. llrw-n Bay & Western R. R.
7 shs. International Pulp Co.
1 sh. IntTborough Rapid Transit Co.
7 sha International Postal Supply (Jo.
4 shs. Keokuk <fc Des Muir.cs Ry.
common.
4 shs. Keokuk &. Des Moire? Ry.
prefd.
5 shs. Manhattan B?ach To.
6 slit?. New Central Coal ' o.
1 sh. Toi.. M. Louis \- Western R. R.
prefd. Ctf. of ! >ep isit.
7 shs. Th>- Saryan ? ?
$1.000 Manila;;.an Beach Hotel ?- Land
Co. Geni. Mtg. i% Bond, 1910.
$5.000 Slate of Alabama S% Eds., 190?.
July, :>72. Coup.
$0,500 City or Aberdeen. Miss., SO Bds.
1890. Nov., 1882, C ?up
$47,000 City o? Topeka rfo Bds.. lSJt
Aupust, 1874, Coupn.
$5,000 State of Illinois-Town of Ottawa
? 10C? Bds., ]!i7',i. July, 187:1, Coupn
$2,000 .State of Illinois, County ot Doub?
las, Township o? Bourbon, 10*
Bds.. 1882. Jan'y, 1876, Coupn.
$1,000 State of Tennessee Vk B?l. 1891
July, 1S71. Coup.
For Account of Trustee:
.3877644 (per cent) of iS.000 Suitepee
Electric Li?ht & Power Co. lit
Cons. Mtge. 6% Bis, du? May.
195S. Nov., 1917, Coupon on (un?
divided interest).
For Account of Whom It May Concera:
235 shs. Rincer Manufacturing Co.
20 shs. Texas Pacific Coal <fc Oil Co.
10 shs. Metropolitan Casualty Co.
20 shs. Fidelity Bond & Mortgage Co.
10 shs. Importers & Traders Nat'I Bit
60 sh?. Seaboard National Bank
1 sh. New York Law Institute.
1,000 shs. City & .Suburban Homes Co.
$10,00'.? U. S. & M. Petroleum Co. ?*
Notes, 1927.
1,000 shs. U. S. & M. Petroleum Co.
20 ordinary shs. Boston .'.? Mexico Pe
troleum Trustees.
$2,000 United States 4 ** Victor}' L?in
Bonds:
20 shs. Erie R. R. common.
8,935 shs. Alaska United Gold Mining Co.
20 shs. United Cigar Stores Co. prefd.
All the right, title and interest. If any, of
the registered holder In and to Ctf.
No. 14 of the Ultramare? Corpn.
for 70 shs, of common stock.
600 shs. Snows Fountain Holding
Corpn. common.
600 shr. General Tractors Inc. Common
$1,800 New Orleans Ry. & Light Co.
OenL Mtg. 6f. "B" Rond* 194?.
$30,000 City of Sao Paulo, Brazil, 6fo Bda.
1943.
$100 1"niTed States 4 *? Victory L?*n
Bond.
$200 United States 2d Liberty Loan 4?*
Bonds. ?L.
$200 United States 2d Llborty Loan 41i*
Bonds.
DIVIDEND NOTICES
The Merchants Bank
of the City of New York.
M^rch 11th, 19??'
The Board of Directors h.is 'h.s day
declared a dividend of three per cent
(3%) payable March 27th. 1920, tj stock?
holders of record at 11 o'clock A. ??>
un that date.
OWEN E. PAYXTEK. Cashier.
William FarreM Son, Inc.
New York, February 26, 1920.
DIVIDEND NO. 3
At a meeting of the Board of tHractora
>f William Farrell & Son, Inc., held F?>>
?uary^e, 1920, a quarterly dividend ot
U.75 per share was declared on th* PJ"*"
ferred stock of the comptjy, payaD.?
Vprll 1. 1920, to shareholders of record *?
hey appear at the close of busto??
?larch 20, 1920.
JAMES T. WOODWARD, TresWtter.
Railway 8te<eI-Sprinx rompan/.
30 Church Street. New York City.
February 2Tth, 152?-,
A quarterly dividend of ONE ?Ug
FHREE-QUAItTERS PER CENT i\*???
las this day been declared on the PBJf*
"ERRED STOCK of this Company. p?y?"'?
?larch 20, 1320, to Stockholders" of recot*
dare h 6, 1920.
The Transfer Books will not be closed
Checks will be mailed by tbo Ban?
"rust Company.
H. & BANG HART, Treasure.